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We present the first global analysis of the impact of the April 2022 cuts tothe future pensions of members of the Universities Superannuation Scheme. Forthe 196,000 active members, if Consumer Price Inflation (CPI) remains at itshistoric average of 2.5%, the distribution of the range of cuts peaks between30%-35%. This peak increases to 40%-45% cuts if CPI averages 3.0%. The globalloss across current USS scheme members, in today's money, is calculated to be16-18 billion GBP, with most of the 71,000 staff under the age of 40 losingbetween 100k-200k GBP each, for CPI averaging 2.5%-3.0%. A repeated claim madeduring the formal consultation by the body representing university management(Universities UK) that those earning under 40k GBP would receive a "headline"cut of 12% to their future pension is shown to be a serious underestimate forrealistic CPI projections.

The distribution of loss to future USS pensions due to the UUK cuts of April 2022